With completion now in sight of its embattled Line 3 replacement project, Enbridge is banking on rising U.S. crude exports. Reese Energy Consulting today is following the latest news from the Alberta-based pipeline giant, which will buy America’s largest crude oil export hub in an all-cash $3 billion deal. The Enbridge acquisition includes the monster Moda Ingleside Energy Center (MIEC) near Corpus Christi with 15 MMBbls of storage capacity and 1.6 MMBPD of export capacity; a 20% stake in the Cactus II Pipeline; the Viola Pipeline; and the nearby Taft Terminal. The MIEC is a critical link to connect Permian and Eagle Ford production with the Gulf Coast and global markets and offers direct connections to five long-haul crude pipelines, along with wellhead-to-water access and VLCC capabilities. MIEC last year loaded 25% of all U.S. Gulf Coast oil exports. Enbridge pipelines move about 25% of all oil produced in North America and 20% of all natural gas consumed in the U.S.
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Enbridge Inc. is a multinational pipeline company headquartered in Calgary, Alberta, Canada. It focuses on the transportation of crude oil and natural gas, primarily in North America.